Document Type

Working Paper

Publication Date



bailout, Cypriot Law, sovereign bankruptcy, banks

Subject Category

Bankruptcy Law | Comparative and Foreign Law | Finance | Finance and Financial Management | Law | Law and Economics | Legislation


Last Friday, the European leaders trespassed on consecrated ground by putting insured depositors in Cypriot banks in harm’s way. They had other options, none of them pleasant but some less ominous than the one they settled on.